Focus Events - Spot gold has fallen below $4000 per ounce, down 3.15% to $3981.98 per ounce, with COMEX gold futures down 3.40% to $3997.00 per ounce. The cumulative decline since the high of $4381.484 per ounce on October 20 exceeds 5% [1] Regulatory Developments - The China Securities Regulatory Commission (CSRC) released 23 practical measures to enhance the protection of small and medium investors in the capital market, focusing on investor protection during the IPO and delisting processes, and promoting a diversified dispute resolution mechanism [2] - CSRC Chairman Wu Qing announced plans to introduce a refinancing framework to broaden support channels for mergers and acquisitions, urging listed companies to improve governance and increase shareholder returns through dividends and buybacks [6] - The CSRC issued a new plan to optimize the Qualified Foreign Institutional Investor (QFII) system, providing equal treatment for foreign public funds and domestic public funds regarding short-term trading [8] Industry Dynamics - The automotive industry reported a profit margin of 4.5% for the first nine months of 2025, with production reaching 24.05 million units, a year-on-year increase of 11%. Revenue was 782.35 billion yuan, up 7.8%, while costs rose by 8.6% to 688.67 billion yuan [10][11] - Domestic gasoline and diesel prices were reduced due to falling international oil prices, with a decrease of 265 yuan per ton for gasoline and 255 yuan per ton for diesel, translating to a reduction of approximately 0.21 to 0.22 yuan per liter [12] Company News - Reader Media announced that its two former chairmen are subject to administrative regulatory measures due to insufficient independence in decision-making processes [4] - Xibu Mining won the exploration rights for a large copper-gold mine in Anhui province for 8.609 billion yuan, with confirmed copper ore reserves of 121.803 million tons [14] - Xuchang Electric plans to accept a 122.3 million yuan entrusted loan from its controlling shareholder at an interest rate of 2.3% for three years [15] - Qianwei Central Kitchen reported a 4.27% year-on-year increase in third-quarter revenue, totaling approximately 4.92 billion yuan, with a net profit of 53.775 million yuan [16] - North Rare Earth reported a 280% year-on-year increase in net profit for the first three quarters, driven by increased sales volume and higher product prices [19][20] - The company Yihui Lithium Energy set a preliminary transfer price of 72.20 yuan per share, reflecting a 6.1% discount from the closing price [25]

Core Insights - The report from the fund managed by Zhu Shaoxing under the Fuqua Fund indicates a net value growth rate of 15.18% over the past year [1] Fund Holdings Summary - New additions to the top ten holdings include Zhongchuang Zhiling, Luxshare Precision, and Guoci Materials, while Ningbo Bank remains the largest holding at 5.47% [1] - The fund has reduced its positions in major stocks such as Midea Group, Guangdong Hongda, and Blue Sky Technology, which have exited the top ten holdings [1] Detailed Holdings Changes - Zhongchuang Zhiling (601717): New entry with 26 million shares valued at 646 million [1] - Luxshare Precision (002475): New entry with 10 million shares valued at 647 million [1] - Guoci Materials: New entry with 22 million shares valued at 491 million [1] - Ningbo Bank (002142): Reduced by 1.96% with 50 million shares valued at 1.321 billion [1] - Kweichow Moutai: Reduced by 15.0% with 850,000 shares valued at 1.227 billion [1] - CATL (300750): Increased by 8.0% with 2.7 million shares valued at 1.085 billion [1] - Jerry Holdings (002353): Increased by 23.33% with 18.5 million shares valued at 1.03 billion [1] - Spring Power: Reduced by 35.59% with 3.2203 million shares valued at 864 million [1] - Binjiang Group: Reduced by 5.66% with 50 million shares valued at 628 million [1] - Ruifeng New Materials: Reduced by 27.54% with 10 million shares valued at 530 million [1]

Group 1 - The core point of the article is that Ruifeng New Materials (SZ 300910) held its 11th meeting of the 4th board of directors on October 27, 2025, to review the proposal for the "2025 Q3 Report" [1] - For the first half of 2025, Ruifeng New Materials reported that 99.96% of its revenue came from the chemical industry, while other businesses contributed only 0.04% [1] - As of the report date, Ruifeng New Materials has a market capitalization of 15.5 billion yuan [1]

Core Insights - In the third quarter of 2025, the company reported a revenue of 888,596,339.30 yuan, representing a year-on-year growth of 11.02% [1] - The net profit attributable to shareholders of the listed company was 204,153,069.25 yuan, showing a year-on-year increase of 12.68% [1]

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-051 新乡市瑞丰新材料股份有限公司 关于公司对外投资并设立合资公司的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、交易概述 1、基本情况 为贯彻执行公司的战略规划和发展目标，优化业务布局，满足区域客户的配 套需求，增强公司在全球市场的综合竞争力，新乡市瑞丰新材料股份有限公司（简 称"公司"）全资子公司瑞丰润滑油添加剂（香港）有限公司（以下简称"瑞丰 香港"）拟与沙特阿拉伯公司 Farabi Downstream Company（简称"法拉比下游 公司"）在沙特阿拉伯延布市设立合资公司瑞丰法拉比润滑油添加剂公司（简称 "瑞丰法拉比"），建设辐射中东、非洲、印度等市场的生产基地，为区域客户 或其他西方地理或全球 TOP 客户提供有竞争力的润滑油添加剂产品。根据双方 初步达成的合作意向，合资公司中瑞丰香港将持股 60%，法拉比下游公司持股 40%。 2、投资概况 企业名称：Farabi Downstream Company 企业类型：有限责任公司 注册号：2055104473 注册地址：5 ...

Core Viewpoint - 瑞丰新材's subsidiary 瑞丰润滑油添加剂(香港)有限公司 plans to establish a joint venture with Farabi Downstream Company in Saudi Arabia to create a production base for lubricant additives targeting the Middle East, Africa, and India markets [1] Group 1: Joint Venture Details - The joint venture, named 瑞丰法拉比润滑油添加剂公司, will be located in Yanbu, Saudi Arabia [1] - 瑞丰香港 will hold a 60% stake in the joint venture, while Farabi Downstream Company will hold 40% [1] Group 2: Investment and Construction Plans - The total investment for the project is estimated to be approximately $246 million, with the first phase of construction expected to cost around $127 million [1] - The project will be developed in 2 to 3 phases, focusing on producing core single agents and mainstream compound varieties of lubricant additives [1]

Core Viewpoint - The company, Ruifeng New Materials (300910.SZ), announced plans to establish a joint venture, Ruifeng Farabi, with a Saudi Arabian company in Yanbu, Saudi Arabia, to create a production base targeting markets in the Middle East, Africa, and India [1] Investment Details - The total investment for the joint venture is approximately $246 million, with the first phase of construction estimated at $127 million [1] Market Strategy - The production base aims to provide competitive lubricant additive products to regional customers and other top global clients from Western geographies [1]

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-050 新乡市瑞丰新材料股份有限公司 关于2025年三季度证券投资与衍生品交易情况的专项说明 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规 范运作》《深圳证券交易所创业板上市公司自律监管指南第1号——业务办理》 等有关规定的要求，公司董事会对公司2025年三季度证券投资与衍生品交易情况 进行了核查，现将相关情况说明如下： 一、证券投资与衍生品交易审议批准情况 公司于2025年7月30日召开的第四届董事会第九次会议、于2025年8月15日召 开的2025年第一次临时股东大会审议通过了《关于开展证券投资及衍生品交易的 议案》，同意公司及子公司在充分保障日常经营性资金需求并有效控制风险的前 提下，使用自有资金不超过人民币5亿元（或等值外币）进行证券投资及衍生品 交易，在该额度内可由公司及子公司在各投资产品间自由分配，共同循环使用， 投资取得的收益可以进行再投资，再投资的金额包含在本次预计投资额度范围内。 公司开展证券投资的业务范围为境 ...

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-048 新乡市瑞丰新材料股份有限公司 第四届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 新乡市瑞丰新材料股份有限公司（以下简称"公司"）第四届董事会第十一次 会议通知于2025年10月20日以电子邮件等方式向各位董事发出，会议于2025年10 月27日以现场会议结合通讯形式在公司会议室召开。本次会议由公司董事长郭春 萱先生召集并主持，应出席会议的董事9人，实际出席会议的董事9人，公司高级 管理人员列席了会议。 具体内容详见公司刊载于中国证监会指定创业板信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）上的相关公告。 表决结果：9票赞成，0票反对，0票弃权。 公司董事会审计委员会已审议通过了该议案。 本次会议的召集、召开及表决符合《中华人民共和国公司法》及《新乡市瑞丰新 材料股份有限公司章程》（以下简称《公司章程》）的有关规定，会议合法有效。 二、董事会会议审议情况 1、审议通过《关于公司<2025年第三季度报告>的议 ...

Core Insights - The company reported a revenue of 25.508 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.87% [1] - The net profit attributable to shareholders reached 574 million yuan, showing a year-on-year increase of 14.85% [1] - Basic earnings per share were 1.96 yuan, reflecting a year-on-year growth of 12.00% [1]